Downtown Vancouver Updates

[SpongeG]

can't see people that don't live there

[connect2source]

Last pic is quite misleading, shows building far taller than Escala and C-Side which it won't be. Otherwise very tasteful, timeless and zen-like interiors, of course, the furniture will vary by owner.

[officedweller]

Looks like the Hollyburn rental tower on Alberni is dead.


From Frances Bula @ the Globe & Mail regarding rentals and the City's demands:

Have Vancouver’s policies hindered rental housing more than helped?
Frances Bula
VANCOUVER
Published 1 hour ago
...

The new housing policy stipulated that it would exempt certain kinds of rentals from CACs, affecting about 80 per cent of projects outside the downtown area. But many projects will remain subject to the fees.

Two of the most high-profile possibilities for rental projects that disappeared the past six months were in the West End neighbourhood.

The Dales family have owned their property on Robson Street since the 1980s.

Mr. Dales wanted to redevelop the site, currently a two-storey retail and office building that houses a restaurant and the housewares shop Chocolate Mousse, and originally pitched the city on a new building with two stories of commercial, 30 stories of rental and a two-storey stratified penthouse on top for himself.

"I felt that rental would be a good long-term stream," Mr. Dales said.

But city officials turned him down, saying they would never approve a rental building that had a stratified unit in it, even though at least one developer had built something similar.

Mr. Dales said he hired a consultant do an analysis of the building to look again at the possibility of building a rental tower. The analysis showed it made no economic sense to build rental because of the city's demands for a substantial community-amenity contribution. Meanwhile, condo prices had risen so high that he'd be giving up millions by doing rental under any conditions.

He gave up on the idea.

"I'm not a condominium developer," said Mr. Dales, who owns industrial, commercial and rental properties throughout the city.

So he sold the building for $79.5-million to Vivagrand Developments, a relatively new company in Vancouver that has described itself in the past as linked to a real estate firm in Guangzhou, China. At the price paid for the land, no developer could do a workable rental project, so it will have to be developed as condos.

Those in the development community say they know of at least six large-scale rental projects that have been cancelled in recent years because of city complications. Owners often don't want to talk to media because of concerns about antagonizing the city in future dealings.

One case has become a hot topic among those in the rental-housing industry and developers: the 1600-block Alberni Street site owned until recently by Hollyburn Properties Limited. The director of Hollyburn, David Sanders, declined to comment on his situation to The Globe and Mail.

But city documents show Hollyburn went through a rezoning for that site in November, 2016, with a plan to replace a 66-unit rental building with a 276-unit rental tower. The 42-storey tower was going to include 104 units of family housing, 15 of those three-bedroom apartments.

A source in the development community with knowledge of the deal said the city's real estate department, which handles negotiations over community amenity contributions, wanted a $43-million contribution. That was later lowered to $15-million. A statement from the real estate department said it does not provide information about specific cases.

Hollyburn, which focuses exclusively on rentals, currently has the property up for sale and is in negotiations with a company that specializes in luxury condos, the source said.
...

https://www.theglobeandmail.com/news/bri...-against-rental-housing/article37353717/

Originally Posted by urbancanadian

Here's some info from the open house for the Hollyburn tower:

Units: 276 (currently 66)
Height: 42 fl. | 117.35m
FSR: 13.66

View from Alberni Street (looking south)

http://www.hollyburn.com/_literature_232823/BH_Presentation_2016 (11mb)

[osirisboy]

Great. Bet this turns into a 70 unit high end condo project with prices starting at 2 million or some bs

[SpongeG]

someone is getting payouts in city hall

How do they keep getting voted in?

[VancouverOfTheFuture]

Originally Posted by SpongeG

someone is getting payouts in city hall

How do they keep getting voted in?

dumb voters, like almost all elections.

[Feathered Friend]

Originally Posted by mcminsen

That lovely old building that looks down on Pigeon Park (Hastings and Carroll) is finally getting some work done on it. I think last year there were some big chunks of it that fell out onto the street or lane so it became a serious safety issue. I walked by the door of the shop that occupied the main floor and they had a sign up saying "closing/going out of business/last day of sale".

Old view on Google Streetview:
https://www.google.ca/maps/@49.281494,-1...3m4!1e1!3m2!1sGL4yr0OrnMUY9YtfiqustQ!2e0

Feb.15 '15, my pic, looking across Hastings Street.

Originally Posted by Vanville

Speaking of interesting old buildings in trouble, what's happing to Pigeon Park? About 10 years ago it was supposed to be restored to its former glory with almost 3 million in incentives from the city & now its falling apart & back up for sale. Sad.


http://searcharchives.vancouver.ca/uploa...b-0eec-4e5f-a0d7-e21f95074344-A21880.jpg
Source: City of Vancouver Archives 447-342

1 West Hastings

Available Area
2,691 – 13,213 Sq ft
Availability
Commercial / Office COMING SOON
Retail
Level 0 2,691 sq ft
Level 1 & 2 4,265 sq ft
Level 3 2,073 sq ft
Level 4 2,073 sq ft
Level 5 2,111 sq ft
Features
• Next to historic Gastown neighbourhood
• Central to a population of 30,000 within one mile
radius
• Restored freestanding heritage building
• Reclaimed limestone façade, new electric service and
mechanical systems
•Heritage architectural elements mixed with modern
finishes
• High Ceilings
• Corner location with excellent visibility
• Large window frontage onto Carrall and West Hastings
• Ideal space for restaurants and high-tech offices
• Potential patio opportunities
• High pedestrian and vehicular traffic
• Located in Vancouver’s culinary and high-tech core.
Lease Rate
$25-$60 per Sq ft
Additional Rent
TBD
(estimated at $14/sq ft)

http://www.millenniumdevelopment.com/downloads/1-West-Hastings-lease-info.pdf

Gastown Historic Area Planning Committee

2) 325 and 333 Carrall Street – Enquiry 4.05PM – 5.05PM

The City has received an enquiry to redevelop 325 Carrall St. site (McConnell Block), occupied by the heritage VHR “C” listed and designated building, and 333 Carrall St., vacant designated site. The proponent also owns the adjacent 1 W. Hastings St. site where the conservation work under the HBRP program is currently being conducted.

The proponent would like to develop a new building on 333 Carrall St. site (micro market rental, live-work) and to rehabilitate the heritage facade on 325 Carrall St. while adding a significant four-storey rooftop addition. The conservation plan has been developed for the proposed conservation scope of work and will be presented together with the summary of the structural engineer’s assessment of existing heritage building.

The applicant would like to share initial design development and conservation strategy for the site with the Committee, and to receive an early feedback as it would inform the preparation of the formal development permit application. Staff will be available to provide further
clarification as required.

Issues:
• the proposed height of a new structure at 333 Carrall St. exceeds allowed maximum of 75 ft (90 ft is proposed);
• compatibility of the proposed design, materials (black brick, glass addition) and colors with the HA-2 district Schedule and Design Guidelines;
• physical assessment (structural engineer’s) report for 325 Carrall St.;
• the heritage conservation strategy for 325 Carrall St. based on a facade-only retention;
• proposed Conservation Plan for 325 Carrall St;
• proposed four - storey addition on McConnell Block (325 Carrall St.).

Applicant: Pete Atkinson, Architect, Human Studio | Architecture + Urban Design
Adam Nour, Millennium Development, Owner
Donald Luxton & Associates Inc., Heritage Consultant

http://vancouver.ca/files/cov/pdf/committees/GHAPC%20-%20Agenda%20-%202017-12-20.pdf

[Changing City]

That's interesting about 325 Carrall. It hasn't been called the McConnell Block before - but that's presumably who built it in 1896. It's generally known as the Louvre Hotel, and the bar that first opened there was the Louvre Saloon. The space between the Louvre and 1 West Hastings (The Merchant's Bank), was once the Bijou Theatre.

The work on the Bank is mostly finished on the exterior - there's just one spot where a carved block fell out and broke. Presumably a replica is being carved to replace it. Right now, until it's sealed up, it's possible to see the (rusty) steel frame of the building on the north facing side.

[mcminsen]

Originally Posted by officedweller

The tree on Smithe in front of the Homer Building has ben cut down.

Not sure why as it seemed to be a healthy tree.
Could be because it blocked the building's lightwell?

Here's a pic of it during construction of The Beasley:


http://www.6717000.com/callrealestate/images/2014/04/09/street_view.png

I was wondering about that, too. It was a big beautiful healthy tree so I was thinking there had to be some strong reason to cut it down. I found this notice (last pic below) from the city taped to my building's front entrance explaining what's going on. Major utility work.

The upside is there is a better view now of a lovely old building, and I'm sure they'll replace the tree with a smaller new one. I wonder if it will be the same type.



Dec.11 '17, my pics

[s211]

So, am I correct in observing that the City spends money on the Smithe bike lane, then tears it up the following year for utility work? And will then have to expend to replace the bike lane afterward?

[jlousa]

Moved a bunch of posts over the real estate thread where they fit better. Lets continue that conversation there. Thanks

[officedweller]

The Robson Court office block at 840 Howe is getting a makeover.
There's a hoarding up with the rendering
- the semi-circular entrance arch will be replaced with a black rectangular frame.
The large [formerly green] bases on the columns lining Howe are also being removed. They were steel by the looks of it and their concrete pedestals are being removed too.

[Tetsuo]

White Spot site on Georgia St. bought for $245M

Hopefully a better design choice is chosen !

[s211]

Originally Posted by Tetsuo

White Spot site on Georgia St. bought for $245M

Hopefully a better design choice is chosen !

Hoo boy. Another instance of offshore money giving current property owners the ability to sell out and essentially get their development profit out without any of the development risk. I sure wouldn't want to be the one holding the bag when the music stops.

[rofina]

Originally Posted by s211

Hoo boy. Another instance of offshore money giving current property owners the ability to sell out and essentially get their development profit out without any of the development risk. I sure wouldn't want to be the one holding the bag when the music stops.

This.

$615 a buildable foot?!

Plus building cost, carrying costs, profit, they are obviously hoping for Kengo Kuma type prices to reap a profit...

That's like $1400 a foot to break even.

[Jebby]

Originally Posted by rofina

This.

$615 a buildable foot?!

Plus building cost, carrying costs, profit, they are obviously hoping for Kengo Kuma type prices to reap a profit...

That's like $1400 a foot to break even.

$700,000 per unit just in land costs. Insane.

[s211]

Originally Posted by Jebby

$700,000 per unit just in land costs. Insane.

Yup, and I've lost count of the number of instances I've heard of in the industry where the original developer just ends up selling out because they essentially get their projected profit 100% risk-free and up-front.

When long-time developers sell-off in those instances, it speaks volumes.

[whatnext]

Originally Posted by s211

Hoo boy. Another instance of offshore money giving current property owners the ability to sell out and essentially get their development profit out without any of the development risk. I sure wouldn't want to be the one holding the bag when the music stops.

It's ridiculous and it is why foreign buyers must be blocked from making purchases in Canada

[trofirhen]

Originally Posted by whatnext

It's ridiculous and it is why foreign buyers must be blocked from making purchases in Canada

May I applaud you for having the courage and coming right out with it and saying it!
A lot of people might think along those lines, but want to appear neutral, so remain mute, or over-flexible and non-commital.
New Zealand did it, blocking foreign purchases. Surely we can.

[giallo]

$245m? Holy cow. That's just......insane.